UAE Blockchain farmer marketplace merges with Bahrain BeanBoat

UAE Blockchain farmer marketplace merges with Bahrain BeanBoat

UAE Farmsent, a blockchain platform for farmers and producers where they can directly supply goods to the consumers, has merged with Bahrain Beanboat, pioneers of coffee direct-trade in MENA.

BeanBoat created Bahrain’s first coffee subscriptions service. Their offerings brought coffee shops and roasters some of the best and rarest coffee in the world owing to their extensive network of farmers in Colombia.

Beanboat has merged with Farmsent allowing them to tap on Farmsent’s extensive reach with clients in the MENA regions and network farmers in Colombia, and combining it with the power of Web3 of Farmsent’s network to push for the next generation of trade.

Yog Shrusti, CEO and Co-Founder of Farmsent stated, “Our mission at Farmsent is to connect farmers directly with people who are looking for quality, sustainable, traceable products. With Beanboat’s knowledge of the MENA region, we will continue to lead the way in bringing people across the region together around sustainable living. With this merger, and combined with Farmsent’s ongoing efforts in Indonesia, we aim to foster and leverage on the community of coffee farmers in Colombia and provide them access to more regions and more clients. More importantly, farmers of a different variety of produce will now have the opportunity to directly trade with clients in the MENA region. On the other side, distributors and wholesale buyers will have access to an extensive network of farmers in Colombia to ensure supply and QA of their product lines.”

 Saleh Sharif, CEO and Co-Founder of Beanboat added, “We are very excited to collaborate with Farmsent. As we aim to make the supply chain more transparent, I feel the scalability issues that were obvious in our coffee trading are now even more apparent. Beanboat will add more SKUs than coffee and bring transparency to our supply chain. With the advent of blockchain technology, we safely look forward to our new collaboration!”

Dubai virtual asset regulator to release its Full market framework soon

Dubai virtual asset regulator to release its Full market framework soon

In a recent article on Pinsentmasons legal firm website, the article discusses Dubai VARA’s Full market product regulatory regime for virtual assets and its upcoming rollout.

The legal expert Tom Bicknell states, that after VARA’s roll out of its minimum viable product license regime which allowed participants to undertake their activities within an agreed limited scope and specifically to their authorized market segment, VARA will soon be launching its FMP framework which will seek to monitor global trends of the virtual industry and where appropriate issue further rules and guidance

Tom Bicknell of Pinsent Masons states, “Encompassing the learning’s from its MVP licensing stage and widespread industry engagement, VARA’s introduction of the FMP ( Full Market Product) license will serve as a firm footing for the next stage of growth for the UAE’s leading virtual asset industry.”

Once the rollout begins, MVP license holders and other VASPs will have to apply for an FMP license to undertake their activities in the market. The FMP regime is structured around ensuring that anti-money laundering and combating the financing of terrorism (AML/CFT) compliance standards are met in accordance with the Financial Action Taskforce’s recommendations for VASPs. VARA said the FMP regime will also apply ongoing internal controls, corporate governance and conduct of business rules appropriate to the risk profile of the applicant.

Bicknell adds, “VARA is undertaking engagement and consultation with market participants as part of its development of the FMP framework with a version of the framework expected to be released shortly. It is worth noting that VARA has made clear that, notwithstanding the release of the FMP framework, the regulator will seek to monitor global trends of the virtual industry and where appropriate issue further rules and guidance.”

Dubai MAG developer accepts stablecoin payments using CoinMENA

Dubai MAG developer accepts stablecoin payments using CoinMENA

Dubai developer MAG is accepting stablecoins in property transactions utilizing the services offered by Bahrain-based crypto company CoinMENA. Stablecoins USDT and USDC will now be accepted by MAG in response to investor demand, the developer said.

Talal Moafaq Al Gaddah, senior executive vice chairman of MAG, which recently announced an $817 million “bio living” residential development in Meydan, Dubai,stated, “As a catalyst for Dubai’s real estate industry, we will spare no effort to progress upon the emirate’s digital economy and consolidate its prominent global position.”

This is the second real estate developer to team up CoinMENA. Last month it partnered with Carlton Real Estate, a Bahrain-based real estate agency, allowing investors to purchase real estate property using crypto assets. Under the partnership, the real estate broker would accept stablecoins like USDT and USDC.

 Talal Tabbaa and Dina Sam’an, founders of CoinMENA, a crypto asset service provider, said the agreement showed the growth of crypto adoption in acquiring ‘real world’ assets.

Saudi Telecom in Bahrain first telecom operator in GCC to accept crypto payments

Saudi Telecom in Bahrain first telecom operator in GCC to accept crypto payments

stc Bahrain has become the first telecom operator in Bahrain to accept cryptocurrencies through its partnership with Eazy Financial Services, a leading Bahraini Payment Services provider specializing in POS and online payment gateway. EazyPay uses BinancePay and wallet to offer this service to more than 5000 POS terminals in Bahrain. 

The collaboration with Eazy Financial Services is a strategic step from stc Bahrain towards expanding the payment options with the future of currency to address the increasing demand for flexible and easy-to-use crypto payments. 

stc Bahrain CEO Nezar Banabeela, stated, “Rapid digitization across the globe is transforming all aspects of our lives, and payments are the most crucial element. From online shopping and streaming videos to money transfers, almost every digital activity relies on a payment system. We are incredibly proud to be the first telecom operator in Bahrain to accept cryptocurrency payments, a demonstration of our strong focus on advancing Bahrain’s fintech sector as world-class digital enablers. We continue to leverage the potential of the digital economy, which is limitless, make accepting crypto a seamless process and increase adoption as crypto is the future of payments.”

Nayef Tawfiq Al Alawi, Founder & CEO of Eazy Financial Services, added,”  We are very proud today to become the partners of STC Bahrain, The world-class digital enabler. This Partnership enables stc Bahrain to be the first telecom operator in the Kingdom to accept cryptocurrency payments in a regulated, secure and extremely fast manner. The benefits of bringing in EazyPay to STC Bahrain will ensure simple and effective transaction journeys for customers, with a partner which is able to ensure first-class service.” 

While, Tameem Al Moosawi, General Manager at Binance Bahrain, said:  “stc is known to be at the forefront of technology and innovation and, with this partnership, has set the benchmark for how telecom operators can enable the transition to the Web3 economy by accepting crypto payments. We are excited to be collaborating in this space to streamline services for customers and is once again a testament to Bahrain’s progressive regulatory framework and banking structure” 

tAt the same time Bahrain Kuwait Insurance Co (GIG Bahrain) has signed a payment services agreement with Eazy Financial Services ‘EazyPay’, Bahrain’s leading and most innovative payment services provider to allow for crypto payments  via ‘Binance App’, which is regulated by the Central Bank of Bahrain, making GIG Bahrain the first insurance company in the Mena region to accept premium payments as crypto assets payments in  regulated, secure and extremely fast manner.

UAE MorningStar Ventures Invests $5 million in Dubai based NFT art gallery

UAE MorningStar Ventures Invests $5 million in Dubai based NFT art gallery

UAE investment firm specializing in digital assets and blockchain technology, MorningStar has invested 5 million to open its first interactive and immersive digital art gallery, called ‘37xDubai.

The NFT digital art gallery is located in the Burj Daman Tower (DIFC area), 37xDubai will be at the heart of Dubai’s business and lifestyle center as it opens its doors in Q1 of 2023.

As per the press release, the global NFT market is projected to reach 23.9% between 2022 and 2028. In the UAE, 23% of people own at least one NFT, ranking the region first compared to Europe (8%) and the U.S. (2.8%). MoMa, Sotheby’s, and other institutional players in the art scene have also opened NFT or Metaverse-related initiatives or shown interest in the space over the past years.

37xDubai aims to be a bridge across Art and Technology, thereby bringing a new concept to the market focused on web3 education, traditional art, digital art, entertainment, and community.

Featured artists will be able to leverage Morningstar Ventures’ and 37x’s network and expand their reach by engaging with a new trip of web3 enthusiasts. Furthermore, the modular technology behind the 37xDubai gallery allows for frequent changes in exhibited collections, keeping the creative space ever-changing and adaptable to various concepts.

Clemence Cazeau, CEO 37xDubai stated, “The design and architecture of our gallery are highly sophisticated, filled with state-of-the-art equipment, interior, sound, and lighting infrastructure. We hand-picked and meticulously selected every element of the space to ensure that the 37xDubai gallery and its exhibitions could be presented in an unforgettable fashion to every one of our visitors” 

In January 2022, MorningStar  launched its first project out of its Elrond Dubai incubator. The Open Metaverse data platform, Itheum seeks to transform personal data into tradable asset. UAE Morning Star will be leading Itheum’s 1.5 million USD seed fund round and help to built the team for the project on Elrond Blockchain.

Then in February 2022 the investment firm  partnered with Deep-tech startup Humans.ai . As per the press release, the move will deepen Humans.ai’s presence in the Middle East region and advance the company’s mission to establish the first framework for ethical AI with blockchain technology. Humans.ai also partnered with UAE Deca4 consultancy. 

In 2021 MorningStar acquired porfolio tracking application CoinFy. 

Q9 Capital listed on Dubai’s regulator website under Native crypto content and DLT platform

Q9 Capital listed on Dubai’s regulator website under Native crypto content and DLT platform

The Dubai based Q9 Capital, which had announced a month ago unilaterally announced that they had received a provisional virtual asset approval from Dubai’s Virtual Asset Regulatory Authority (VARA) are now listed on Dubai VARA ( Virtual Asset Regulatory Authority) website under Native crypto content/ DLT platform. Q9 is listed along with Calvin Cheng Web 3.0 Holding and Woonkly Labs.

This had taken some time, as Q9 Capital had announced that they had received a provisional approval in October 2022. But looking at VARA website, it seems Q9 has received a DLT or crypto content preliminary approval. 

As per Q9 press release the company is a crypto investment management platform offering capabilities to crypto and TradFi firms.

Q9 had stated that this approval came as it expanded into the UAE and applied for a full operating license in accordance with VARA requirements.  As per the release, Q9 products and strategies can be created and executed on Q9’s platform, such as systematic investment portfolios and white-labeled offerings, within VARA’s framework and distributed globally in an automated, transparent, regulated and compliant manner.

The release added, the full operating license, once received, will allow Q9 to extend products and services to qualified investors and financial service providers. Q9 will also establish a regional hub in Dubai to contribute to developing the ever-expanding virtual asset ecosystem both in Dubai and globally.

The press release from Q9 had noted that the provisional approval is a major milestone that follows a number of registrations for Q9’s local entities in Hong Kong and Dubai. As a regulation-led platform with robust compliance and security controls that have consumer protection and market integrity at its core, the registration further strengthens Q9’s position.

James Quinn, Managing Partner of Q9, noted “Dubai’s Virtual Assets Regulatory Authority is a testament to the country’s forward-looking stance on digital assets and its willingness to support the industry through collaboration. We look forward to participating in the authority’s robust compliance framework and continue building partnerships as we expand our presence in Dubai to roll out additional services and enhanced products for the region.”

Oman mines first Bitcoin at first licensed crypto mining data center in MENA

Oman mines first Bitcoin at first licensed crypto mining data center in MENA

Oman Ministry of Transport, Communications, and IT in partnership with Green Data City (GDC) the next generation data blockchain ecosystem, have launched the first licensed sustainable crypto mining datacenter in Oman, and the GCC.  The delegation witnessed the first Bitcoin officially mined in Oman using immersive cooling technology which will reduce electricity consumption.

The crypto mining datacenter is based in Mirbat  Salalah Oman because of its cooler climate. Under this license, industrial mining companies can now register directly with GDC Mining and operate within the development.

H.E. Said bin Hamoud al Maawali, Minister of Transport, Communications and Information Technology, inaugurated the Sultanate of Oman’s first crypto mining data center, set up by Green Data City. Al Maawali was joined by Dr. Ali bin Amer al Shidhani, Under-Secretary of the Ministry of Transport, Communications and Information Technology for Communication and Information Technology, Shaikh Suhail bin Mohammed al Khathiri, Deputy Wali of Mirbat, Talal al Aufi, CEO of OQ, and Olivier Ohnheiser, CEO, Green Data City.

Bitmain, Bitfield, BBGS and Enegix representative were present as well.

Green Data City will develop in two phases. The first phase of development consists of 200MW of mining capacity; the second phase will reach 400MW hyperscale data center capacity, and develop downstream activities including renewable energy, hydrogen, sea-water A/C (SWAC), desalination, food industries and cosmetics. Real estate and hospitality investments will join the development of the new hub, and create the next generation sustainable hyperscale data eco-system in the region.

Large scale mining companies and data center owners can now register directly under the GDC license and operate in the development. The capacities will be allocated in the coming weeks. Al Maawali stated, “The Ministry of Transport, Communications and Information Technology seeks to build cooperative partnerships with leading local and international private sector entities in the various types of digital technologies, as the Ministry works to attract foreign investments in this ever-developing industry.”

Olivier Ohnheiser, CEO of Green Data City, added “The south of Oman is strategically positioned  on the network routes and has unique advantages to establish successful and sustainable hyper scale data centers, such as stable economy, large surplus electricity, cool weather in the Salalah region, unique access to cold deep ocean water next to the shore, and high renewable energy.”

On the website, H.E. Ali Shidhani,  Undersecretary for Communications and Information Technology, Ministry of Transport, Communications and Information Technology “The Green Data City project has the potential to strengthen the Country’s position on the Data Processing and Blockchain markets, while creating qualified jobs and developing unique green data centers”

Olivier Ohnheiser CEO, Green Data City states on the website,“ Oman is a haven of peace, and the South is a hidden gem. Its natural advantages eclipse other locations in the region like Dubai or NEOM city, in terms of political stability and neutrality, temperate climate, cold water availability and natural wonders. The country is supporting Data and Deep Ocean industries with large and stable power supplies, backed by long term agreements. We could not have hoped for a better environment to implement this vision.”

This comes after Oman’s sovereign wealth fund took an equity stake investing $350 million in US firm Crusoe Energy which uses flared and stranded natural gas to mine crypto. Crusoe was supposedly opening an office in Oman after the investment to deply generators and mining equipment for capturing gas at well sites.

The region has become a hot bed for crypto mining, with UAE making advancements in this area. But as one notes from the comments of CEO of Green Data City, it also seems NEOM city in KSA are working on something similar.

UAE blockchain enterprise entity bags Pakistan New City deal

UAE blockchain enterprise entity bags Pakistan New City deal

UAE based Blockchain enterprise, Shaariq.com, an end-to-end real estate platform of Vision Tech has partnered with Pakistan-headquartered JK&S Developers, a real estate arm of the renowned Saif Group. to facilitate sales in JK&S Developers’ highly anticipated project D.I. Khan New City.

Shaariq.com will leverage its enterprise blockchain capabilities to ensure secure, transparent, and seamless transactions. Shaariq.com will also ensure D.I. Khan New City becomes an early mover in adopting blockchain at an enterprise level. Shaariq.com will create a digital twin of the project in the metaverse to enable efficient urban planning and optimize the delivery of public services such as healthcare and groceries. NFT linked transactions on the blockchain will bring greater security, transferability, and future readiness. D.I. Khan New City will also characterize AR-VR and AI applications on multiple fronts.

Dubbed the “Crown of Pakistan”, the D.I. Khan New City is a hybrid development in Saiduwali, Paharpur, an area with close proximity to Punjab, Khyber Pakhtunkhwa, Islamabad, and Balochistan. The development, which spans an expansive area of 4.1 million sq. m, is valued at a whopping $233 million U.S., making it one of the most ambitious projects of its kind in Pakistan.

Rajab Ali Virani, CEO of Vision Tech stated,  “Shaariq.com ventured into Pakistan with a grand vision: Enhancing transactional efficiency and reducing the trust deficit by leveraging cutting-edge technologies such as blockchain. D.I. Khan New City is the ideal avenue to turn that vision into reality. We are determined to make this project an archetype of Pakistan’s real estate excellence while reinforcing our competitive edge in tech-enabled services.”

 “The Saif Group has nearly a hundred years of multi-industrial pedigree in Pakistan. At every juncture, we have exemplified the latest innovations of the time. D.I. Khan New City is a totem of our future-proof strategy and a legacy of our people-centric worldview. The MoU with Shaariq.com complements both these priorities,” said Jehangir Saifullah Khan, Chairman, JK&S Developers. 

Vision Tech is planning an expansion into African countries, where, through Shaariq.com, it intends to digitalize land records with the support of local authorities.

UAE Education startup implementing blockchain solution for data verification

UAE Education startup implementing blockchain solution for data verification

UAE startup Educatly, a platform connecting students to global higher education opportunities based out of in5 Tech, a business incubator by TECOM Group PJSC, is implementing a blockchain solution for student data verification, which is essential for them to provide legitimate students records to relevant universities.

As per the announcement, the Blockchain data verification solution is also crucial for foreign students who want to further their education overseas because it might be challenging to obtain original copies of their degrees elsewhere.

In the third quarter of 2022 Educatly’s community of students increased by five times, from 100,000 to 500,000 in the past nine months and represents more than 150 countries and territories.

2022 has been marked by several milestones for the tech start-up, which was founded by former LinkedIn employees in 2020. Educatly has cast a wider net across the higher education industry to feature more than 3,000 universities on its platform and secured active recruitment agreements with 500. It also welcomed Head of LinkedIn’s MENA and EMEA growth markets, Ali Matar, to its Board of Advisors just last month.

Educatly Founder & CEO Mohmmed El Sonbaty stated,  “We are thrilled that the global appetite for transnational student education has bounced back since the pandemic. Our unique platform is providing students with the opportunities to study abroad and enroll at leading international universities around the world. We have seen a spike in interest in students joining our platform from the UAE and we are witnessing further growth in Dubai emerging as the next international higher education destination.”

On behalf of in5, Majed Al Suwaidi, Senior Vice President of Dubai Media City, added: “At in5, we seek to foster a thriving community for smart individuals; a space where they can obtain valuable advice from mentors and advisors and transform their aspirations into businesses with sustainable growth. Expanding the reach and influence of start-ups is a top priority – that’s why one of our key goals is to facilitate access to potential investment. We are proud to have Educatly as one of in5 tech’s start-ups as they have demonstrated impressive growth despite launching their business amid a global pandemic. Educatly’s new software-as-a-service (SaaS) demonstrates their strategic alignment with UAE’s Digital Transformation, Sustainability, and other initiatives. Their presence at in5 gives us the opportunity to showcase the diversity of promising start-ups in our city and region, while providing the most extraordinary with a global platform for their unique ideas.”

Educatly’s new software-as-a-service (SAAS) had a helping hand in its growth by increasing the monthly recurring revenue for more than 28% month over month. Its built-in coding and design implements a smart recommendation feature using a special matchmaking algorithm that links students to relevant degrees, universities, and countries according to their requirements.

The system automatically informs the university partners of new leads and profiles to facilitate student recruitment. This unique feature is vital to the networking effect of building Educatly’s social media platform.

UAE DMCC Blockchain members of new gaming Centre to benefit from VC fund

UAE DMCC Blockchain members of new gaming Centre to benefit from VC fund

UAE DMCC, Dubai Multi Commodities Centre, has launched the DMCC Gaming Centre in support of the increasingly growing global and regional video games industry. Members of the center who are developing blockchain games will be able to access $150 million funding from VC firm Brinc. Currently standing at USD 1.8 billion, revenues generated by the gaming industry in the MENA region are expected to reach USD 5 billion by 2025.

Launched during the Dubai Esports Festival, the DMCC Gaming Centre formalizes DMCC’s efforts in the gaming and esports space, creating a supportive environment in which all gaming and esports companies can thrive. DMCC is currently home to over 50 gaming companies, from game developers and producers to esports teams and tournament organizers.

The DMCC Gaming Centre will be based in DMCC’s free zone, providingaccess to a vibrant community of gaming industry peers to unlock new opportunities for collaboration. Gaming companies looking to expand their global reach and connect with audiences across the world will also benefit from DMCC’s fully digital setup process, world-class infrastructure, and commitment to increasing the ease of doing business.

 Under the DMCC Gaming Centre, members will have access to the wider esports community through regular events and esports tournaments and industry support from DMCC’s ecosystem partner YaLLa Esports, a leading esports organization in the UAE. Furthermore, members will have the opportunity to join gaming specific acceleration and market entry programs through our ecosystem partner, AstroLabs, a leading tech ecosystem builder in the MENA region. 

Earlier this year, DMCC partnered with the global VC firm Brinc to provide members with access to USD 150 million in funding through their accelerator programs ZK Advancer and The Sandbox Metaverse. Those programs will also be open to DMCC Gaming Centre members developing games on blockchain and web3 technologies.  

 “Gaming is one of the fastest growing industries in the world, with nearly 3.2 billion people playing and spending a combined total of USD 196.8 billion in 2022. The size and growth of the industry today is staggering compared to when video games first appeared in the 1970s,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC. “These passionate communities are constantly looking for greater immersion and storytelling in their chosen form of entertainment. As our roster of gaming companies expands rapidly and as we see more of our DMCC Crypto Centre members enter the blockchain gaming space, there is no better time to formalize our efforts by opening the DMCC Gaming Centre. Through this facility, we will solidify Dubai’s position as a global hub for all forms of gaming and esports.”

Prior to this announcement UAE Cypher Capital and Phoenix Group  invested with others into the new blockchain Web3 gaming platform, Fenix Games. Led by a group of industry veterans from gaming, blockchain, and financial markets, Fenix Games plans to acquire, invest, and publish both existing games and blockchain games of the future. Cypher Capital also invested $1.5 million in Rekt Studios which is also taking Web3 gaming to a new direction.

Fenix Games is a next-generation games publisher facilitating the transition of the next billion gamers into a blockchain-integrated future. Whereas traditional, “Web 2.0” games have mature distribution platforms and markets that bring billions of players and developers together, Web 3.0 lacks the infrastructure, tools and support to facilitate mass adoption. As more and more quality developers embrace blockchain technology and design principles, we see an opportunity for the role of Publishing to elevate its value in the design, go-to-market and operations of games.

At the time Munaf Ali, CEO at Phoenix stated, “Despite the recent challenges in crypto, Cypher Capital Group remains optimistic and bullish about the future of web3 and blockchain projects.”